On Monday (January 28th), the public sale of TRON’s BitTorrent Token (BTT) on Binance Launchpad ended in less than 15 minutes, with 59.4 million tokens sold in under 15 minutes.
On January 18th, cryptocurrency exchange Binance announced that its token launch platform, Binance Launchpad, would be exclusively offering TRON’s BitTorrent Token (BTT) for the first time on January 28th starting at 15:00 UTC. Binance’s blog post also mentioned that the BitTorrent Token sale would “run in two simultaneous sessions: one for purchases using Binance Coin (BNB) and another for purchases using TRON (TRX),” with 23.76 billion BTT for sale in the former and 35.64 billion BTT for sale in the latter. We were told that each BitTorrent Token would cost approximately US$ 0.00012, and that we would only find out the exct price on the day of the sale.
Well, the sale did start exactly at 15:00 UTC as scheduled. Per Binance’s blog post on the sale results, the BitTorrent tokens on offer at both sessions sold out extremely quickly:
- “In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds.”
- “… in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”
Each BTT was priced at 0.00001824 BNB or 0.00447261 TRX, i.e. “1 BNB can buy 54,824.56 BTT, while 1 TRX can buy 223.58 BTT.” Participants were allowed to buy “between 100,000 BTT (the minimum amount eligible for purchase) and 166,666,666 BTT (the maximum amount).”
Over on Twitter, this is what TRON Foundation CEO Justin Sun had to say about the sale:
It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l
— Justin Sun (@justinsuntron) January 28, 2019
For those didn't get #BTT in the public sale, stay tuned for the #TRX airdrop! Own $TRX will secure your chance to get $BTT! #TRON #BitTorrent
— Justin Sun (@justinsuntron) January 28, 2019
I would like to explore the possibility with @binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX
— Justin Sun (@justinsuntron) January 28, 2019
And this is what Biance Co-Founder and CEO Changpeng Zhao (“CZ”) said just before and after the sale:
20 minutes to go. LaunchPad events are so high energy. It's like a war zone here with the team. Trick is to buy small amount, especially towards the end. Good luck guys! https://t.co/AFNRYxITrT
— CZ Binance (@cz_binance) January 28, 2019
“towards the end” means when you see there is X amount left, don't buy X amount in full, as someone will likely sneak in a small order before you. Buy X/2 or X/5, or X/10. More likely to be still available when your order reaches the server.
— CZ Binance (@cz_binance) January 28, 2019
Damn, no matter how much you prepare, still have bottleneck issues. Even the caching of caching was over loaded. Still under estimated demand.
— CZ Binance (@cz_binance) January 28, 2019
Sorry for the overloaded experience. And thank you for your support! Some issues, will fix for the next one.
— CZ Binance (@cz_binance) January 28, 2019
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
— CZ Binance (@cz_binance) January 28, 2019
Full transparency. The issue experienced today was caused by the “user agreement confirmation” button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.
— CZ Binance (@cz_binance) January 28, 2019
Due to overwhelming demands, Tron team generously agreed to do a small airdrop for people who tried to place orders, but was not successful in buying. Exact numbers will be published soon.
— CZ Binance (@cz_binance) January 28, 2019
Order of requests was preserved. It should have finished in a few seconds (far less than 18s actually), the server glitch just delayed the results. So, no need to redo. We should have set the upper limit lower so that more can get some. Mislead by all the “bear” cries… https://t.co/RSnQnZNLdx
— CZ Binance (@cz_binance) January 28, 2019
Featured Image Courtesy of Binance
